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Sat 25 Aug 2018 12:31 AM

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UAE's ADNOC said to be in talks over refining unit stake sale

Abu Dhabi National Oil Co is reportedly in talks with more than one potential buyer as it prepares to sell minority stakes in its refining business

UAE's ADNOC said to be in talks over refining unit stake sale

Abu Dhabi National Oil Co (ADNOC) is reportedly in talks with more than one potential buyer as it prepares to sell minority stakes in its refining business.

Sources told Reuters that Italy’s ENI is involved in the discussions after ADNOC started a sale process for a stake in its $20 billion refining business.

Reuters quoted an ADNOC spokesman as saying: “ADNOC ...is exploring multiple opportunities that span ADNOC’s entire value chain.

“To date we have received significant interest from the market, (from both) new and existing partners. We will update the market in due course,” he added.

ENI, the biggest foreign oil producer in Africa, is looking to build its presence in the Middle East, Reuters said.

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